Rupert Resources Ltd. (TSX:RUP, OTCQX: RUPRF), a gold exploration and development company, has successfully closed a significant equity financing deal. The company raised $51,750,000 through a “bought deal” public offering of 11,500,000 common shares at $4.50 per share. This transaction included the full exercise of the underwriters’ over-allotment option, further bolstering the company’s financial position.
The offering was led by Cormark Securities Inc., with BMO Capital Markets, Scotia Capital Inc., and Canaccord Genuity Corp. acting as underwriters. The shares were issued under a prospectus supplement dated March 20, 2025, which complements the company’s existing Canadian base shelf prospectus filed in several provinces. Additionally, shares were offered in the United States and other offshore jurisdictions on a private placement basis, adhering to applicable legal requirements.
Rupert Resources also plans to close a non-brokered private placement of up to 7,250,000 common shares on April 1, 2025, at the same price as the public offering. This private placement could generate up to $32,625,000 USD in gross proceeds. Agnico Eagle Mines Limited has expressed its intention to participate in this private placement to maintain its proportional ownership in the company.
The net proceeds from both the public offering and the private placement will be utilized for ongoing exploration activities, technical and environmental studies at the company’s Finnish properties, and general corporate purposes. These investments are crucial for advancing Rupert Resources’ projects, particularly the Ikkari gold discovery in Northern Finland.
Ikkari is a multi-million ounce gold discovery that has been a focal point for Rupert Resources. The project is part of the Rupert Lapland Project in the Central Lapland Greenstone Belt, known for its high-quality gold deposits. Recent drilling at Ikkari and nearby areas has shown promising results, extending mineralization and enhancing the project’s potential for future development.
Rupert Resources is positioned to leverage its financial strength to drive exploration and development efforts. The company’s focus on high-margin, low-impact projects aligns with industry trends favoring sustainable mining practices. With a robust financial foundation, Rupert Resources is poised to advance its projects, including the Ikkari gold discovery, which is expected to contribute significantly to the company’s growth.
The final approval for these transactions is pending from the Toronto Stock Exchange. As Rupert Resources moves forward with its strategic plans, the company remains committed to advancing its projects while maintaining compliance with all regulatory requirements.
